Shop local is a popular topic here, but this week I’ve watched a new trend pop up: bank local.
Move Your Money is encouraging people to shift their money to locally owned banks. The site includes bank rankings by Institutional Risk Analytics. All of my local banks scored B+ or higher.
The project was dreamed up at a pre-Christmas dinner party of political activists. And the campaign is seemingly everywhere. It has spread by social networks, and while I was in Dallas this week, I saw it on the local news.
Your local banks are important your community. The people who work there volunteer in your community. You see them in the homecoming parade. (When was the last time you saw your international mega-bank in your small town parade?)
Jack Schultz has reminded us that “too big to fail” should come with additional capital reserve requirements. I listen to Jack on banking issues because he serves on his local bank’s board of directors. He also points out, in an Sept 30, 2008 issue of the AgUrban newsletter, that the big problem for local banks is the huge burden of regulation that is out-scale for small banks. Also read the Nov. 18, 2008 issue, and the reader reactions in the Oct. 7, 2008 issue.
So, what’s your take on the bank local initiative?
- How small businesses can beat the big boxes: be nice - March 30, 2015
- 10 Ways to use an iPad or Android tablet in retail - March 23, 2015
- Ag plays a key role in rural prosperity - March 18, 2015
- How to promote special events in a small town - March 16, 2015
- How do you get local businesses to join the chamber or business association? - March 11, 2015
- 10 Ideas to make your Grand Opening more than just a sale - March 9, 2015
- Truck your good news over to the Brag Basket - March 3, 2015
- How do you say no to donation requests? - March 2, 2015
- Your weekly appointment with your business - February 23, 2015
- Help for small towns with no streetlights - February 17, 2015